Asahi Group has confirmed that it has signed two joint ventures with an Indonesian company to market and distribute non-alcoholic drinks in the country.

Asahi subsidiary Asahi Group Holdings Southeast Asia, which is based in Singapore, signed the deal with PT Indofood CBP Sukses Makmur on Monday (9 July), the Japanese brewer said in a statement. Previous local reports said the deal was worth US$213m.

“Asahi has been looking to expand the beverage business in South-East Asia, while Indofood CBP has been working on expanding its business to capture the demand of consumers, particularly the middle-income segment,” the statement said.

“Asahi will grow its non-alcoholic beverage business across Asia/Oceania by establishing a platform and achieving competitive operation in the Indonesian non-alcoholic beverage market, which is expected to grow even further.”

The Indonesian beverage market was worth about JPY400bn (US$5bn) last year and has been growing at 15% over the past five years, Asahi said, citing EuroMonitor figures. The company said population and economic growth is expected to continue. 

Indofood CBP's portfolio includes noodles, dairy, food seasonings and snack foods. 

An analyst earlier this week said Asahi may be heating up its overseas investment.